Wednesday, June 19, 2024

Toy-maker Mattel to invest 1 billion pesos in its Nuevo León factory

The multinational toy company Mattel plans to invest more than 1 billion pesos (almost US $50 million) to expand its factory in Nuevo León.

The Montoi plant in north Monterrey is already 200,000 square meters and the expansion will make it the biggest toy factory in the world and create 4,000 jobs, according to the Nuevo León Economy Ministry.

The federal Economy Ministry said the company’s workforce at the plant had grown from 1,600 employees in 2019 to 3,500 in 2022 and it was Mattel’s largest. It added that the toy-maker exports its products to 30 countries.

The CEO of Mattel, Ynon Kreiz, said the plant was key to the company’s operations. “Montoi plays a central role in the operation of Mattel’s global value chain. It creates a key plant for our value chain in the Americas that supports our long-term strategy of growing as a high-performance toy company driven by its intellectual property,” he said.

He added that Mexico could have a strong future in the toy industry. “We believe that Mexico, given its geographical position, has a unique opportunity to position itself as a world toy hub. To contribute to the development of this industry in Mexico, we have supported local suppliers and motivated international suppliers to establish themselves in the country,” he said.

Kreiz also announced that the company plans to duplicate the investment over the next five years to further expand the Montoi plant.

Mattel is an American manufacturer founded in 1945 and headquartered in California. Among the products and brands in its portfolio are Barbie, Hot Wheels, Fisher-Price, American Girl and UNO.

The name Mattel is a blend of the names of two of the company’s founders, Harold Matson and Elliot Handler.

With reports from Proceso

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